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Post to the stockholders'' equity accounts

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Reference no: EM131132106

Polzin Corporation is authorized to issue both preferred and common stock. The par value of the preferred is $50.

During the first year of operations, the company had the following events and transactions pertaining to its preferred stock.

Feb. 1 Issued 20,000 shares for cash at $53 per share.
July 1 Issued 12,000 shares for cash at $57 per share.

Instructions

(a) Journalize the transactions.

(b) Post to the stockholders' equity accounts.

(c) Indicate the financial statement presentation of the related accounts.

Reference no: EM131132106

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